The Kingfish Company has doubled sales and output in 2021 and increased average sales prices.
The increase from €5 million in 2020 to €10.4 million in 2021 has been driven primarily by high demand across Europe and the US for sustainably grown Dutch Yellowtail and also helped by the company’s ongoing capacity expansion.
“We are proud of our team which has delivered four years of successful and continuous system operations,” said chief executive, Ohad Maiman. “In 2021 we doubled sales of whole fish equivalents [WFE] to 902 tonnes, compared with 467 tonnes in 2020. At the same time, the average sales price achieved increased by 6.5% to €11.5/WFE kg,” he added.
In 2021, the company produced a record 1,154 tonnes of yellowtail kingfish for sale across 14 countries.
Compared to Q4 in 2020 sales grew 159% in revenue to €3.8m and 144% in WFE tonnage to 335 tonnes despite hospitality being impacted by pandemic restrictions. An average sales price increase resulted in €11.2 WFE kg on overall sales.
In Q4 in 2021 the company achieved production of 324 tonnes net growth, resulting in 1,154 tonnes of overall production in 2021. Productivity was 0.64 kg growth per cubic metre per day in this quarter, in line with the full year average.
Expanding capacity to meet strong demand
The Kingfish Company continues to be on track with the expansion of its facilities in Europe and important milestones have been achieved for a planned new facility in Maine, US with final state level approvals and the purchase of land.
Expansion in Europe is also under way with the completion of phase 1B in early 2021, on time and on budget, and phase 2 also on schedule. Planned system capacity has been upgraded from a projected 1,750 tonnes to 2,000 tonnes per year, bringing total installed capacity in the Netherlands to 3,500 tonnes per year once completed.
